The application of formalized risk management can improve the decision-making process within projects and help organizations to reduce risk exposure. It examines various risk management techniques and looks at how software tools can help to implement these techniques. The general techniques and methodologies described in the paper can be applied to any type of project in any industry

To see the total picture, one must first understand the nature of risk. Risk is defined as “the cumulative effect of the probability of uncertain occurrences that may positively or negatively affect project objectives.” In other words, the combined probability of all uncertainty associated with each part of the project.

With this white paper, you will learn more about:

• Project Decision Making and Risk Management
• The Risk Management Process
• Formal Risk Management
• Who is Responsible for Risk Management